Macerich Receives Consensus Recommendation of “Buy” from Analysts (NYSE:MAC)
Shares of Macerich (NYSE:MAC) have received a consensus recommendation of “Buy” from the fourteen analysts that are currently covering the stock, AR Network reports. One research analyst has rated the stock with a sell rating, three have issued a hold rating and nine have assigned a buy rating to the company. The average 12-month price target among brokerages that have issued ratings on the stock in the last year is $70.20.
In other Macerich news, CFO Hern Thomas E. O unloaded 5,000 shares of the stock in a transaction that occurred on Thursday, August 14th. The shares were sold at an average price of $66.30, for a total value of $331,500.00. The transaction was disclosed in a document filed with the SEC, which is available at this link.
A number of research firms have recently commented on MAC. Analysts at BMO Capital Markets upgraded shares of Macerich from a “market perform” rating to an “outperform” rating in a research note on Tuesday. They now have a $74.00 price target on the stock, up previously from $71.00. Separately, analysts at Cowen and Company raised their price target on shares of Macerich from $74.00 to $76.00 in a research note on Thursday, August 14th. They now have an “outperform” rating on the stock. Finally, analysts at Citigroup Inc. reiterated a “buy” rating on shares of Macerich in a research note on Wednesday, August 6th. They now have a $72.00 price target on the stock, down previously from $73.00.
Shares of Macerich (NYSE:MAC) traded down 0.08% during mid-day trading on Wednesday, hitting $65.34. 49,933 shares of the company’s stock traded hands. Macerich has a 1-year low of $55.13 and a 1-year high of $68.81. The stock’s 50-day moving average is $66.25 and its 200-day moving average is $64.32. The company has a market cap of $9.194 billion and a price-to-earnings ratio of 42.52.
Macerich (NYSE:MAC) last released its earnings data on Wednesday, July 23rd. The company reported $0.86 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.84 by $0.02. The company had revenue of $254.33 million for the quarter, compared to the consensus estimate of $149.60 million. During the same quarter in the previous year, the company posted $0.87 earnings per share. The company’s revenue for the quarter was down 3.3% on a year-over-year basis. Analysts expect that Macerich will post $3.57 EPS for the current fiscal year.
The company also recently announced a quarterly dividend, which is scheduled for Friday, September 5th. Shareholders of record on Wednesday, August 20th will be paid a dividend of $0.62 per share. This represents a $2.48 annualized dividend and a dividend yield of 3.79%. The ex-dividend date is Monday, August 18th.
The Macerich Company is a fully integrated self-managed and self-administered real estate investment trust.
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